‘G20 to make progress in fixing global imbalance’

Korean and Canadian finance chiefs on Monday voiced optimism that the Group of 20 will achieve substantial progress in fixing global imbalances when their leaders meet in Seoul in November. 

Canada and Korea chair the Group of Seven and the Group of 20 respectively this year. 

Finance chiefs of the G20 on Saturday agreed to avoid competitive currency devaluation and push to keep imbalances at sustainable levels.

Canadian Finance Minister Jim Flaherty said he expects the G20 will make progress further in reducing trade and current account gaps in the Seoul meetingslated for Nov 11-12.